§ 577. Notice of intention to suspend or cease redemption of stamps. No trading stamp company shall cease or suspend the redemption of trading stamps in this state without filing with the secretary of state at least ninety days' prior written notice of its intention to do so and concurrently mailing a copy of such notice to each retailer within this state which has at any time theretofore within one year issued trading stamps which the trading stamp company is obligated to redeem.

Terms Used In N.Y. General Business Law 577

  • Secretary: means the secretary of state. See N.Y. General Business Law 570
  • Trading stamp: means any stamp or similar device issued in connection with the retail sale of merchandise or service, as a cash discount or for any other marketing purpose, which entitles the rightful holder, on its due presentation for redemption, to receive merchandise, service or cash. See N.Y. General Business Law 570
  • Trading stamp company: means any person engaged in distributing trading stamps for retail issuance by others, or in redeeming trading stamps for retailers, in any manner. See N.Y. General Business Law 570
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